Tax

Applied to first £60,000 of taxable income only. Minimum amount of annual tax payable is £18,000. Maximum is around £22,000.

Prior to application

The applicant must not within five years prior to application have been present in Gibraltar for a period greater than either 183 days in any one of those years, or an average of 90 days in any three of those years. Further, he or she must not have been engaged in a trade, business or employment in Gibraltar other than duties incidental to any trade, business or employment based outside Gibraltar, or as a director of an exempt company.

Prohibited activities

The individual must undertake not to engage in any trade, business or employment in Gibraltar other than duties incidental to any trade, business or employment based outside Gibraltar, or as a director of an exempt company.

Family

The spouse or child of a Category 2 individual may apply for a certificate in his or her own right under the Rules.

Length of stay

Unlike the former High-Net-Worth Individual Rules 1992, which required individuals to spend a minimum of 30 days in Gibraltar each year, there is no specific legal requirement as regards the length of stay in any particular year.

Property requirement

The individual is required to either purchase or rent an apartment in Gibraltar and have it available for his or her exclusive use throughout the year. The accommodation must be of a certain standard appropriate to sustaining the lifestyle of a wealthy individual.

Property approval application

The applicant is required to submit a ‘description of property’ form, available online at www.gibraltar.gov.gi, for approval by the Finance Centre Director. At the time of application or within two months of the issue of the certificate, the individual is required to submit a copy of the deed of title or of the rental contract.

References

The applicant is required to submit two character references from recognised and established professionals (one of the references must be from a bank and the other from a law or accountancy firm), a copy of his or her passport, a curriculum vitae and proof of financial standing.

Application form: Available online at www.gibraltar.gov.gi

Application fee: £1,000 (non-refundable).

Submission of form:

Government of Gibraltar, 761, Europort, Gibraltar.

Tel: (+350) 51165; Fax (+350) 51818.

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Legislation: Income Tax Ordinance: Qualifying (Category 2) Individuals Rules 2004. Available online at www.gibraltar.gov.gi

Minimum net asset requirement: Applicant must possess net assets to a value of at least £2 million.